In 2004, real GDP (at 2005 prices) was $12,247 billion. In 2007, it was $13,206 billion. During

Question:

In 2004, real GDP (at 2005 prices) was $12,247 billion. In 2007, it was $13,206 billion. During the same period, the U.S. population rose from 292.9 million to 301.4 million.
a. What was the total percentage increase in real GDP from 2004 to 2007?
b. What was the total percentage increase in the U.S. population over this period?
c. Calculate real GDP per capita in 2004 and 2007.By what percentage did output  per person grow over this period?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Macroeconomics Principles and Applications

ISBN: 978-1111822354

6th edition

Authors: Robert E. Hall, Marc Lieberman

Question Posted: